Russia observed “sustained positive dynamics” in the flow of money to the federal budget, according to a Finance Ministry statement on Monday. Revenues for the three months through March amounted to 8.7 trillion rubles ($94 billion), an increase of 53.5% compared with the same period last year, data from the ministry showed.

Russia’s gas-transit agreement with Ukraine also expires at the end of the year, and there’s little clarity as of now if these volumes will still find their way to Europe.

Brent dropped $1.42, or 1.6%, to $89.75 a barrel, WTI was at $85.59 a barrel, down $1.32, or 1.5%.

The Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports.

Russia, which prior to invading Ukraine had an insignificant role in India’s oil basket, has seen exports to India swell since the start of the war and consequent Western sanctions, becoming the country’s top supplier.

Brent rose 20 cents, or 0.22%, to $89.12 per barrel, WTI climbed 17 cents, or about 0.2%, to $85.32 a barrel.

Brent rose 23 cents to $86.98 a barrel, WTI climbed 28 cents to $82.23.

US sanctions on Iran have not worked as intended, in part because comprehensive sanctions are so difficult to remove that they no longer motivate Iran to change its behavior

Brent climbed 32 cents, or 0.4%, to $85.66 a barrel, WTI was up 40 cents, or 0.5%, at $81.44.

OPEC has consistently reaffirmed its commitment to oil market stability and security of supply, including through its Members holding spare capacity at their own cost in case of any unforeseen global oil supply disruptions.

Brent rrose 46 cents, or 0.6%, to $82.38 a barrel, WTI gained 47 cents, or 0.6%, to $78.03.

Brent rose 15 cents to $83.11 a barrel, WTI rose 18 cents to $79.31 a barrel.

These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.

These curbs on supply have helped prop up the price of crude for the past 18 months but left Saudi Arabia, which has cut its production by 2mn barrels a day, shouldering most of the cost.

Brent fell 3 cents to $82.77 a barrel, WTI fell 11 cents, to $78.63.